Alchemy PMS Recommendation & Review

PMS Rating

IME PMS Rating

Not a top recommendation (at this time) due to weak recent performance: Backed by solid founders, a CIO that is a co-founder and well-respected investor and a long track record of identifying interesting bottom-up investment opportunities, Alchemy has all the ingredients for a successful PMS business. However, their performance has been very sub-par in recent years, and it is this underperformance that is the primary reason behind Alchemy not being a 5 or 4-star rated PMS.

The PMS/AIF AMC Rating is derived on the basis of our analysis on 5 key qualitative parameters that we use to analyse the quality of a PMS/AIF Provider. These include an assessment of the size of the AMC, the pedigree of the AMC, the pedigree of the team, the value of the investment philosophy & the level of differentiation. These insights of our central research team are documented in the IME RMS, and can be accessed during a consultation call with an IME PMS specialist.

PMS Background

Discretionary AUM (4262cr) | Promoter Category ()

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AMC Background

Alchemy was founded by Lashit Sanghvi, Hiren Ved, Rakesh Jhunjhunwala and Ashwin Kedia in 1999 (a team with a collective experience of over 100 years in Indian equities). The strategies are actively run by Hiren Ved, while Rakesh Jhunjhunwala & Ashwin Kedia are not actively involved in the business. Alchemy is known to be amongst the best bottom-up stock pickers in the market, and have grown to become one of the largest PMS houses in the country (ranked #4). Having Hiren Ved (known for strong bottom-up stock selections), the co-founder, continue to serve as the CIO and primary fund manager provides the much required stability to the investment team (a critical aspect for the growth of any investment business).

High Quality AMC Alchemy AMC is one of the oldest PMS providers in India, and has a strong track record of longer-term outperformance. Hiren Ved, one of the co-founders of AMC, has been spearheading the investment team from the founding of the PMS, and is a highly respected investment professional.

Investment Philosophy

Alchemy relies more on a strong investment process to identify attractive bottom-up investment opportunities than a clearly defined investment philosophy.

Alchemy Investment Process is driven by the ‘3 I-Matrix’

Idea Generation: Track larger investment universe of 500 companies with detailed understanding of 100-150 companies. Along with actively tracking the larger universe, idea generations happens through network inputs (independent company/sector feedback, interacting with peer group, and from sector conference).
Investment Process: Investment process managed by the CIO with veto power at various stages of the research process. Continuous monitoring and periodic reviews of the position on a quarterly basis.
Intervention: Intervention based on CIO’s veto power in portfolio construction, and exit strategy.

Exit strategy based on risk-reward outlook, better opportunities, and/or hypothesis not playing out.

Flexible Investment Strategy Unlike certain peers who have tightly defined investment strategies, Alchemy has a more flexible approach. It allows for the fund manager to pivot strategies in dynamic market conditions. Having a seasoned and respected investment professional (Hiren Ved) as the co-founder & CIO, provides Alchemy the much required stability around the investment team, philosophy and processes. Hiren is backed up by Amit & Vikas, both of whom have a high level of experience in equity investing.

Suitable For Investor's desiring to invest in portfolio's that have the flexibility to perform across different market conditions.

Inv Team

Investment Team

Hiren Ved | 5-star rated FM

CIO | 34 yrs Experience | 26 yrs at current firm

Past Experience: Prime Securities (Head – Equities), KR Choksey (Head of Research)

HIren is a very seasoned investment professional, with close to 3 decades of investment experience. He co-founded Alchemy Capital Mgmt in 1999, helping build it into one of the leading PMS’s in the country, on the back of long-term stability in the investment management team and strong alpha generation over time.

Vikas Kumar | 4-star rated FM

Fund Manager | 24 yrs Experience

Past Experience: Dalal & Broacha, Reliance Capital

Vikas has over 19 years of equity market experience, in the fields of equity research, private client fund management and strategy in the sell-side. He specialises in data-based quantitative algorithms.

Alok Agarwal | 4-star rated FM

FM | 16 yrs Experience | 2 yrs at current firm

Past Experience: PGIM, Deutsche AMC and K.R Choksey

Alok Agarwal brings more than 16 years of FM experience. Prior to this, He was associated as a FM with PGIM, Deutsche AMC and K.R Choksey. He is a CFA and CMT.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme	Category	Style	1 yr	3 yr	5 yr	Since Inc
Alchemy Leaders of Tomorrow AIF	Flexi Cap	GARP	52.9	26.1	30.1	19.6
Alchemy Ascent	Flexi Cap	Quant	49.6	20.2	24.3	24.3
Alchemy High Growth Select Stock	Large & Midcap	GARP	52.2	20	21.4	21.5
Alchemy High Growth	Large & Midcap	GARP	45.1	16.4	15.2	21.7

Returns as of 30-Sep-24.

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Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.